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Case Status:    SETTLED
On or around 02/17/2012 (Date of stipulation and/or agreement of settlement)

Filing Date: September 03, 2010

According to a press release dated September 02, 2010, the complaint alleges that on May 13, 2010, TeleNav accomplished its IPO of 7 million shares of common stock at $8.00 per share for gross proceeds of $52.4 million to TeleNav (including over-allotments), pursuant to a false and misleading Registration Statement and Prospectus (collectively, the “Registration Statement”). According to the complaint, the Registration Statement failed to disclose the following adverse facts: (a) the Company would soon be renegotiating its current contract for TeleNav to provide Sprint Nextel Corporation (“Sprint”), its largest customer, with its Sprint Navigation application, which would result in lower overall revenues to TeleNav; (b) the unwillingness of Sprint to continue with the same contract terms beyond December 31, 2010 would not only mean lower revenues from Sprint, but had negative implications for TeleNav’s other wireless relationships; and (c) adverse changes to the Sprint relationship would cause TeleNav’s results to trend adversely compared to the trends included in the Registration Statement.

On July 29, 2010, TeleNav announced its fourth quarter fiscal 2010 results and disclosed that it had started negotiations regarding contract roll-over with Sprint early, and if successful, the contract roll-over would probably lead to an aggregate reduction in revenue from its largest customer. On this news, TeleNav’s stock price fell $3.47 per share, to close at $5.44 per share on July 30, 2010, a one-day decline of 39% on high volume. The stock continued to decline to below $5 per share over the next few weeks as investors absorbed the implications of TeleNav’s announcement.

On February 3, 2011, the Court appointed Lead Plaintiff and Lead Counsel for the class. On March 21, 2011, an Amended Complaint for Violation of the Federal Securities Laws was filed by the lead plaintiffs against the defendants. The defendants filed a motion to dismiss on May 4, 2011. Before any ruling, on June 2, 2011, a Stipulation and Order was filed regarding a settlement. On July 15, 2011, a Stipulation of Settlement was filed. The proposed settlement is in the amount of $3.8 million in cash.

On October 07, 2011, a Revised [Proposed] Order Preliminarily Approving Settlement and Providing for Notice was entered subject to further consideration at the Settlement Hearing on February 24, 2012.

On February 17, 2012, a [Proposed] Final Judgment and Order of Dismissal with Prejudice was entered.

On February 17, 2012, a [Proposed] Order Awarding Attorneys' Fees and Expenses was entered.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TNAV
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 10-CV-03942
JUDGE: Hon. Samuel Conti
DATE FILED: 09/03/2010
CLASS PERIOD START: 05/13/2010
CLASS PERIOD END: 09/03/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 10-CV-03942
JUDGE: Hon. Samuel Conti
DATE FILED: 03/21/2011
CLASS PERIOD START: 05/13/2010
CLASS PERIOD END: 09/03/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson Bottini, LLP
    655 West Broadway, Suite 1400, Johnson Bottini, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonbottini.com
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  3. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date